The markets have been terrible in recent times, globally !! The fear of slow down in emerging markets and recessions in developed markets is being discussed across boardrooms. The fact that organizations will let go of many employees is making this a very difficult phase, especially after Covid, where a very large part of the population had to dig into their savings to survive is making this phase even more difficult.
India over a period of time has become a country with an improved talent base. The world of business has recognized this shift and incentivised Indian human resources at par with global talent in their primary markets, or home countries. Given these trends, it has also exposed such talent to the vagaries of the market. In the events like the ones we see, where top banks in the US have collapsed, repercussions resonate across the markets, it’s only a matter of time where this caution in the world of business hits the growth possibilities of the Indian workforce.
In a fragile market condition, every professional is facing pressure like never before. This pressure is not necessarily of performance, but of survival. Many have lost their jobs or are on the verge of being asked to leave. Large tech companies are incentivising employees to leave with upto year of salary and benefits.
Losing a job can be a challenging experience, but it can also present an opportunity to explore new career paths and pursue your passions. If you’ve been let go from your job and are considering starting a food business, there are several ideas that you can explore that require minimal investment and can be started with under one lakh. Given the condition, food is a business that can help and save many.
Here are five food businesses that you can start on a budget:
- Food truck or cart:
One of the most popular food business ideas is to start a food truck or cart. These mobile businesses are a great way to reach a wide audience and offer a variety of food options in different locations. With a food truck or cart, you can offer everything from burgers and sandwiches to tacos and kebabs.
To start a food truck or cart, you’ll need to purchase or rent a vehicle and outfit it with the necessary equipment, such as a grill, deep fryer, and refrigerator. You’ll also need to obtain any necessary licences and permits to operate in your area.
While this could sound cumbersome, it’s easy and can be quickly put to action. The initial investment for a food truck or cart can vary, but it’s possible to start one for under one lakh. Look for used vehicles or equipment to save money, and focus on offering a unique and high-quality menu to set yourself apart from competitors.
- Home-based bakery:
If you have a passion for baking, starting a home-based bakery can be a great way to turn your hobby into a business. With a home-based bakery, you can create a variety of baked goods, from cakes and cookies to bread and pastries.
To start a home-based bakery, you’ll need to obtain any necessary licences and permits to operate in your area. You’ll also need to invest in baking equipment and supplies, such as an oven, mixer, and baking pans.
The initial investment for a home-based bakery can vary, but it’s possible to start one for under one lakh. Look for used equipment to save money, and focus on offering unique and high-quality baked goods to attract customers.
- Online food delivery service:
With the rise of online food delivery services, starting your own online food delivery service can be a lucrative business idea. With an online food delivery service, you can offer a variety of food options from local restaurants and food vendors, and deliver them to customers’ homes or offices.
To start an online food delivery service, you’ll need to create a website or app where customers can place orders and pay online. You’ll also need to establish partnerships with local restaurants and food vendors to offer a variety of menu options.The initial investment for an online food delivery service can vary, but it’s possible to start one for under one lakh. Look for low-cost website or app development options, and focus on establishing partnerships with high-quality restaurants and food vendors to attract customers.
- Catering business:
If you have a talent for cooking and enjoy entertaining, starting a catering business can be a great way to turn your skills into a business. With a catering business, you can offer a variety of food options for events such as weddings, corporate events, and private parties.
To start a catering business, you’ll need to invest in cooking equipment and supplies, such as serving dishes and utensils. You’ll also need to obtain any necessary licences and permits to operate in your area.The initial investment for a catering business can vary, but it’s possible to start one for under one lakh. Focus on offering high-quality and unique menu options to attract customers, and consider partnering with event planners and venues to expand your reach.
- Specialty food product:
If you have a unique and delicious recipe for a specialty food product, starting a business to sell that product can be a great way to turn your passion into a business. Specialty food products can include anything from jams and sauces to spice blends and snacks.
To start a specialty food product business, you’ll need to perfect your recipe and obtain any necessary licences and permits to produce and sell food products in your area. You’ll also need to invest in packaging and labelling materials, and establish partnerships with local retailers or online marketplaces to sell your product.
The initial investment for a specialty food product business can vary depending on the product, but it’s possible to start one for under one lakh. Focus on creating a high-quality and unique product that stands out from competitors, and use social media and other marketing channels to reach potential customers.
Tips for success:
Starting a food business on a budget can be challenging, but with the right approach, it can also be highly rewarding. Here are some tips to help you succeed:
Focus on quality: Regardless of which food business idea you choose, it’s important to focus on offering high-quality and delicious food options to attract and retain customers.
Be creative: To stand out from competitors, be creative with your menu offerings, branding, and marketing strategies. Look for unique flavor combinations or presentation styles that will capture customers’ attention.
Build relationships: Building relationships with customers, suppliers, and partners is key to building a successful food business. Take the time to get to know your customers and their preferences, and work closely with suppliers and partners to ensure a steady supply of high-quality ingredients and equipment.
Embrace technology: Technology can be a powerful tool for reaching and engaging customers. Consider using social media, email marketing, and other online platforms to promote your business and build relationships with customers.
Stay flexible: The food industry can be unpredictable, so it’s important to stay flexible and adapt to changing market conditions or customer preferences. Be open to trying new menu items or expanding into new markets as opportunities arise.
Rise & Shine: Build a business that helps you make you independent.
Starting a food business on a budget is an exciting and challenging endeavour. Whether you choose to start a food truck or cart, home-based bakery, online food delivery service, catering business, or specialty food product business, it’s important to focus on quality, creativity, relationship-building, technology, and flexibility to build a successful and sustainable business.
With hard work and dedication, you can turn your passion for food into a thriving business that brings joy and satisfaction to you and your customers.
In case you need any assistance on starting a food business, please feel free to reach us at +91 9958129551. We will connect you with experts that will help you solve your queries.